Investment in Real Estate Properties Disposed (Tables)

6 Months Ended

Jun. 30, 2013

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

The major classes of assets and liabilities associated with the real estate held for disposition included in the Consolidated Balance Sheets are as follows (amounts in thousands):

	June 30,			December 31,
	2013			2012
Assets
Investment in real estate
Land	$	28,611		$	28,611
Building and improvements	101,048			98,255
Accumulated depreciation	(16,609		)	(15,077		)
Other assets	6,999			8,063
Total assets held for disposition	$	120,049		$	119,852
Liabilities
Mortgage payable (a)	$	8,163		$	8,256
Other liabilities	2,652			1,802
Total liabilities held for disposition	$	10,815		$	10,058

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(a) Includes approximately $0.4 million debt premium adjustment as of June 30, 2013 and December 31, 2012.

FASB ASC 360 requires that assets classified as held for disposition be carried at the lesser of their carrying amount or estimated fair value, less estimated selling costs. Since these assets were under contract for more than their carrying amount, as of June 30, 2013, we carry them at the carrying amount.

Results of operations for Properties held for disposition have been presented separately as discontinued operations for all periods presented in the Consolidated Statements of Income and Comprehensive Income. The following table summarizes the components of income and expense relating to discontinued operations for the quarters and six months ended June 30, 2013 and 2012 (amounts in thousands):

	Quarters Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Community base rental home income	$	5,080		$	4,861		$	10,117		$	9,718
Rental income	849			572			1,620			1,034
Utility and other income	515			485			997			932
Discontinued property operating revenues	6,444			5,918			12,734			11,684
Property operating expenses	2,473			2,148			4,923			4,479
Income from discontinued property operations	3,971			3,770			7,811			7,205
Loss from home sales operations	(40		)	(46		)	(75		)	(40		)
Other income and expenses	(635		)	(3,238		)	(1,243		)	(6,386		)
Interest and amortization	(131		)	(133		)	(260		)	(266		)
Discontinued operations, net	$	3,165		$	353		$	6,233		$	513

Properties held for disposition Table Text Block

The following table sets forth the Properties held for disposition as of June 30, 2013:

Property	Location	Sites
Avon on the Lake	Rochester Hills, MI	616
Cranberry Lake	White Lake, MI	328
Fairchild Lake	Chesterfield, MI	344
Ferrand Estates (a)	Wyoming, MI	419
Grand Blanc Crossing	Grand Blanc, MI	478
Holly Hills	Holly, MI	241
Oakland Glens	Novi, MI	724
Old Orchard	Davison, MI	200
Royal Estates	Kalamazoo, MI	183
Westbrook	Macomb, MI	387
Westbridge Manor	Macomb, MI	1,424
Total		5,344